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The American Energy Information Association (EIA) said Wednesday in its monthly short-term energy outlook report (STEO) that it expects U.S. crude oil production to grow faster this year than previously estimated and hit a record high.
The report expects us crude oil output to increase by 1 million 390 thousand barrels per day to 10 million 740 thousand barrels per day in 2018.
Last month, EIA estimated that output would increase by 1 million 310 thousand barrels per day to 10 million 660 thousand barrels per day.
U.S. production is expected to surge this year from an annual record high of 9.6 million barrels a day set in 1970 as technological advances facilitate drilling. In 2017, the United States produced 9 million 400 thousand barrels per day.
The average output in the third quarter of this year is 11 million 30 thousand barrels per day. If the forecast is correct, this will be the first quarter production in the United States is higher than 11 million barrels per day.
The EIA also predicted faster-than-expected output growth in 2019, with an increase of 1.02 million barrels per day to 11.76 million barrels per day, compared with a forecast of 840,000 barrels per day to 11.5 million barrels per day last month.
EIA slightly lowered the forecast of demand growth in 2018 and 2019.
The EIA currently estimates that U.S. oil demand will increase by 450,000 barrels per day to 20.41 million barrels per day by 2018, compared with the last forecast of 470,000 barrels per day.
Oil demand is expected to increase by an additional 230,000 barrels per day to 20.64 million barrels per day in 2019, compared with the previous estimate of 250,000 barrels per day.


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